Metro Manila (CNN Philippines, March 25) — The Bangko Sentral ng Pilipinas has required banks to sanitize bundles of cash to be deposited to the central bank.
Guidelines issued by the Central Bank’s Metro Manila Currency Operations Sub-Sector now require all authorized agent banks to sanitize banknotes before these are deposited to the BSP “for the protection of all cash handlers.”
“Banknotes for deposits must be sanitized through the use of shrink-wrapping machines with heat levels set to the highest degree Celsius temperature (e.g., 100 to 150 degree Celsius) for at least 40 seconds (20 seconds each part),” the new rules read.
Cash bundles which went through this process should come with a “sanitized” label before being turned over to the BSP’s Cash Department.
Meanwhile, the Central Bank also paused its over-the-counter transactions for banks depositing four bundles of cash or less while the entire Luzon is under enhanced community quarantine.
Central banks in China and South Korea have taken banknotes out of circulation and even burned or destroyed bundles of cash in a bid to reduce the spread of the novel coronavirus, which has infected thousands of people there.
China even went as far as deep-cleaning potentially infected cash using high temperatures as well as ultraviolet light when these come from hospitals. These bills would be replaced with a fresh supply instead of being recirculated, CNN International has reported.
READ: Dirty money: The case against using cash during the coronavirus outbreak
BSP Deputy Governor Chuchi Fonacier clarified that they can still accept unsanitized cash as the central bank is equipped with its own disinfectant sprays in loading areas, but said that the sanitation process is meant to protect people who will handle the money. “The purpose actually is to think of ways to protect their (banks) own workers,” she said in a text message to CNN Philippines.
Employees of these banks have also been required to wear protective gear before they are allowed to enter BSP’s Security Plant Complex along East Avenue in Quezon City. They would also be subject to security protocols and thermal scanning.
The BSP will continue to accept unfit bills and coins from banks while weekly cash withdrawal requests will be processed every Wednesday. Such requests must be coursed through e-mail.
Cash withdrawals for banks would follow a shifting schedule. However, emergency withdrawals for all banks will be allowed every Friday until April 14, or when the Luzon-wide shutdown is scheduled to be lifted.
Banks have been exempted from the quarantine that shut down most business establishments, alongside supermarkets, food preparation and delivery outlets, and hospitals. The BSP earlier declared tellers and bank employees critical to daily services as authorized to still report for work, saying their company IDs should be enough to get past checkpoints.
